Russia's London float hopefuls top $10bn

The potential worth of Russian companies planning to float on the London stock market this month topped $10 billion (£6.2 billion) today.

Nomos Bank, the eighth-largest bank in Russia, has set a share-price range valuing it at between $2.8 billion and $3.2 billion. At least 20% of its existing share will be sold off to international investors with the bulk coming from Slovak minority shareholder Roman Korbacka. The offering could be worth up to $700 million.

The current appetite for Russian share offerings contrasts with February when three large companies - Nord Gold, Chelpipe and Koks - pulled their floats and HMS cut its price and offering sharply. Bankers say the Moscow stock market has been stable since then, and fears over Japan and the Middle East have eased.

Euroset, the Russian equivalent of Carphone Warehouse, will be valued at up to $3 billion with Alexander Mamut, a 6% shareholder in HMV and potential buyer of Waterstone's, planning to sell up to $1.3 billion of shares.

Etalon, a Russian property group looking to sell $650 million of shares valuing it at between $2 billion to $2.5 billion, began its roadshow for investors this week.

Sugar and pork producer Rusagro is looking to sell $300 million of shares, valuing it $2 billion.